The Greek insurance market has changed significantly over the last few years. From a peak of 183 companies on 1993 the market shrunk to 109 at mid year 1999. The expectation is that by 2010 the market will have shrunk further to around 50 companies with virtually all the small and undercapitalised companies either shut down or absorbed. There is already substantial concentration with the top five companies in the life market controlling two thirds of the business and the top five general companies accounting for just under half.

Throughout the European Economic Area, the Industry faces increased operating costs which together with increased competition are putting pressure on margins and creating the need for superior investment returns. These trends are being followed in Greece with the resultant changes within the industry.

Amongst the greatest challenges facing the companies are:
• Protecting and extending customer relationships
• Managing the risks of new products and services
• Managing expansion into the Balkan countries
• Maintaining adequate capital and obtaining satisfactory returns
• Generating profitable growth and building shareholder value

Deloitte is the preeminent professional service firm in the Greek insurance market providing services to all the major insurers. The Greek insurance practice is a member of the Deloitte Global Financial Services Industry (GFSI) which host seminars and conferences as well as producing surveys, report, guides and articles on many of the key issues currently facing the industry.